EUR/USD Price Analysis: Treads water around 1.0200 inside weekly triangle

EUR/USD remains sidelined inside one-week-old symmetrical triangle, slowly pares Friday’s losses.
200-SMA, monthly horizontal support add to the trading filters.
Steady RSI hints at further grinding, monthly peak appears last defense for bears.

Anil Panchal FXStreet

EUR/USD treads water around 1.0200 heading into Tuesday’s European session, keeping Monday’s mildly positive outlook amid sluggish markets.

However, a one-week-old symmetrical triangle restricts immediate EUR/USD moves amid steady RSI.

Other than the stated triangle’s extremes around 1.0225 and 1.0160, the 200-SMA and a horizontal area including multiple levels marked since July 13 will also challenge EUR/USD moves around 1.0250 and 1.0100-0095.

That said, the monthly peak near the 1.0300 psychological magnet and the 61.8% Fibonacci retracement of July 14 to August 02 upside, near 1.0080, are extra filters for trading the major currency pair.

It’s worth noting that the market’s indecision ahead of the US Consumer Price Index (CPI), up for publishing on Wednesday, also appears to challenge the EUR/USD pair traders. Even so, the recent increase in the hawkish Fed bets and the recently firmer US jobs report, keeps sellers hopeful.

Also read: EUR/USD Forecast: In wait-and-see mode ahead of US CPI

In that case, the parity level and the latest multi-month bottom surrounding 0.9950 should gain major attention.

Meanwhile, recovery moves remain elusive until cross June’s low near 1.0360.

EUR/USD: Four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.0195
Today Daily Change	-0.0001
Today Daily Change %	-0.01%
Today daily open	1.0196

Trends
Daily SMA20	1.0168
Daily SMA50	1.0364
Daily SMA100	1.0554
Daily SMA200	1.0922

Levels
Previous Daily High	1.0222
Previous Daily Low	1.0159
Previous Weekly High	1.0294
Previous Weekly Low	1.0123
Previous Monthly High	1.0486
Previous Monthly Low	0.9952
Daily Fibonacci 38.2%	1.0198
Daily Fibonacci 61.8%	1.0183
Daily Pivot Point S1	1.0163
Daily Pivot Point S2	1.013
Daily Pivot Point S3	1.0101
Daily Pivot Point R1	1.0226
Daily Pivot Point R2	1.0255
Daily Pivot Point R3	1.0288

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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